TaxTMI 
TaxTMI 
2022 (2) TMI 398
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....Counsel duly assisted by Mr. Sourav Chunder and Ms. Swapna Das, Counsel appearing for the respondent/assessee. There is a delay of 324 days in filing the appeal. We are satisfied with the reasons given in the affidavit filed in support of the delay condone petition. Since we are inclined to take up the main appeal itself for hearing, we exercise discretion and condone the delay in filing the appeal. Accordingly, the delay in filing this appeal is condoned. The application being IA No. GA/1/2020 for condonation of delay stands allowed. Re: ITAT/60/2020 We have perused this appeal filed under Section 260A of the Income Tax Act, 1961(the Act) as directed against the order dated 17th October, 2018 passed by the Income Tax Appellate Tribunal,....
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.... did not proceed on the basis of any concession being given by the assessee stating that possession of the property was handed over to the developer but proceeded to hold that in the agreement payment has been received by the assessee from the developer and the agreement also stipulates that the developer has legally enforceable right to take possession of the said land from the assessee on payment of the balance amount. Therefore, the CIT(A) held that the full amount payable under the agreement has accrued to the assessee in the relevant assessment year, 2009-10. Challenging the said finding the assessee preferred an appeal before the Tribunal. The Tribunal took note of the factual position and, more particularly, that the case arose much....
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....llate Tribunal was not correct in referring to the expression "of the nature referred to in Section 53A" in section 2(47)(v) in order to arrive at the opposite conclusion. This expression was used by the legislature ever since sub-section (v) was inserted by the Finance Act of 1987 with effect from April 1, 1988. All that is meant by this expression is to refer to the ingredients of applicability of section 53A to the contracts mentioned therein. It is only where the contract contains all the six features mentioned in Shrimant Shamrao Suryavanshi(supra), that the section applies, and this is what is meant by the expression "of the nature referred to in section 53A". This expression cannot be stretched to refer to an amendment that was mad....
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....he effect of transferring or enabling the enjoyment of any immovable property would come within its purview. The High Court has not adverted to the expression "or in any other manner whatsoever" in sub-clause (vi), which would show that it is not necessary that the transaction refers to the membership of a cooperative society. We have, therefore, to see whether the impugned transaction can fall within this provision. 22. The object of Section 2(47)(vi) appears to be to bring within the tax net a de facto transfer of any immovable property. The expression "enabling the enjoyment of" takes color from the earlier expression "transferring", so that it is clear that any transaction which enables the enjoyment of immovable property must be enjo....